Neu Horizon Uranium (ASX:NHU) plans to start a 4,000m diamond drilling program at its Storvallflon prospect in Sweden in Q1 2027.
The company says five independent datasets point to a more than 2km-long electromagnetic (EM) conductor at Storvallflon, part of the Krokom Black Shale Uranium Project.
The datasets include airborne EM, drone magnetics, and ground radiometrics.
Ground spectrometer readings often exceed 500 parts per million (ppm) uranium and reach about 1,800ppm. While rock chip samples averaged 67ppm uranium oxide, the company attributes the lower laboratory results to near-surface leaching.
Three-dimensional inversion modelling of the EM data suggests the black shale forms an antiform with only its crest exposed, so the surface anomaly may understate the target.
Drilling will run along east-west fences at about 200m intervals, subject to permitting and work-plan approval from the Swedish Mining Inspectorate.
Sweden lifted its uranium mining ban on 1 January 2026 and removed the municipal veto on 15 July 2026. Neu Horizon holds about $8.6 million in cash, which it says funds the program.
CEO Conrad Ocker says the target matches what the company set out to find at its initial public offering.
“Every one of the five datasets collected this summer lights up over the same 2km conductor, and the uranium response at surface is the strongest we recorded over black shales anywhere in Sweden this year,” Ocker notes.
Neu Horizon Uranium is an Australian explorer advancing a portfolio of uranium projects across Sweden and Canada’s Athabasca Basin.
Write to JC Villarba at Mining.com.au
Images: Neu Horizon Uranium
